Stone Energy (SGY) 8-K Entry into a Material Definitive Agreement

Exhibit 12.1

Stone Energy Corporation

Computation of Ratio of Earnings to Fixed Charges

(Amounts in thousands of dollars)

	Year Ended December 31,
	2011			2010			2009			2008			2007
Earnings:
Net income (loss) before income taxes	$	303,466		$	152,711		($	334,830	)	($	1,516,155	)	$	270,420
Plus fixed charges		51,322			42,975			46,934			39,643			48,268
Less capitalized interest		(42,033	)		(30,783	)		(25,573	)		(26,400	)		(16,200	)
Total earnings		312,755			164,903			(313,469	)		(1,502,912	)		302,488
Fixed charges:
Interest expensed (a)		9,289			12,192			21,361			13,243			32,068
Interest capitalized		42,033			30,783			25,573			26,400			16,200
Total fixed charges		51,322			42,975			46,934			39,643			48,268
Ratio of earnings to fixed charges		6.1			3.8			(b	)		(c	)		6.3

(a) Includes amortization of bond discount.

(b) Due to the March 31, 2009 and December 31, 2009 pre-tax ceiling test write-downs of $343,932 and $165,057, respectively, in accordance with the full cost method of accounting for oil and gas properties, earnings for the year ended December 31, 2009 were insufficient to cover fixed charges in the amount of $334,830.

(c) Due to the December 31, 2008 $1,324,327 pre-tax ceiling test write-down in accordance with the full cost method of accounting for oil and gas properties, earnings for the year ended December 31, 2008 were insufficient to cover fixed charges in the amount of $1,516,155.